Goodyear Shares Overweight

J.P. Morgan Securities has cut its rating on Goodyear Tire & Rubber to neutral from overweight, citing valuation.

The shares rose 23 per cent in the last month against a three per cent rise in the benchmark S&P 500, the broker noted.

“The now-richer valuation, coupled with less favorable just-released April tyre pricing data, suggests stock could enter range-bound period,” said the company.